Veranda Learning Raises Rs 357 Cr via QIP

Chennai, Jul 23 (PTI) Veranda Learning Solutions Ltd, the city-based education company offering end-to-end learning solutions, successfully completed its first-ever QIP, raising Rs 357.42 crore to reduce debt and fuel growth.

The Qualified Institutional Placement saw participation from several institutional investors, including Authum Investment, Trust Mutual Fund, Resonance Opportunities Fund, Necta Bloom VCC, and Saint Capital Fund, among others.

“This QIP marks a pivotal step towards achieving financial agility and operational scale. A large portion of the proceeds will be used to deleverage our balance sheet, including repayment of the Ascertis Credit facility, significantly improving our debt profile,” said executive director and chairman Suresh Kalpathi in a company statement.

“The remainder will be invested in strategic growth initiatives across our verticals, aimed at unlocking long-term shareholder value,” he added.

Systematix Corporate Services was the sole Book Running Lead Manager for the transaction, the company said.